While the media obsess about Russian conspirators, people who make things for a living — whether burgers, bridges, or buildings — see that the real story unfolding in Washington, D.C., is the unprecedented pace of deregulation. It’s helping to fuel the stock market’s record-shattering optimism. And in the nick of time.

By every measure, the United States has been sinking into economic mediocrity over the last decade, because of excessive regulation.

When Barack Obama took office in 2009, the U.S. ranked third among all nations as a place to do business, but since then, the U.S. has plummeted, according to the World Bank. Why? Eight years ago, it took 40 days to get a construction permit in the United States. Today, it’s double that.

Regulatory overkill started long before Obama. But Donahue calls the last eight years a “regulatory onslaught that loaded unprecedented burdens on business and the economy.”

The Heritage Foundation, which grades nations on economic freedom, now puts the U.S. 17th in the world, our lowest-ever ranking, below Chile and former Soviet states like Estonia, Lithuania, and the Republic of Georgia. Government bureaucrats here are choking us with compliance costs.

Small businesses get hit hardest, because they lack legal departments and market clout to maneuver around the rules.

Obamacare imposes almost three times as much paperwork on business as the notoriously complex Dodd-Frank financial regulations and more than ten times as much as the Sarbanes-Oxley financial reform. The impending repeal of the Obamacare employer mandate will liberate employers to start hiring again.

On the campaign trail, candidate Trump’s pledge to repeal Obamacare and “cut regulations massively” resonated. People struggling to operate businesses were seething with anger at how government regulators compel them to spend hours filling out paperwork and constantly changing their hiring and compensation practices. It’s a colossal theft.

Deregulation will be key to a timely rollout of Trump’s infrastructure plan. Otherwise, it will be delay after delay. Big highway and bridge projects often require up to a decade of regulatory and environmental review and permitting before construction begins. These delays would thwart Trump’s plan to use infrastructure spending to jumpstart the economy.

Investors are banking on Trump meeting his target to get the nation growing at 3 percent again, a rate not seen in years. Last week, the Dow Jones Industrial Average hurtled across the 21,000 mark for the first time ever.

The soaring market reflects expectations that Trump will slash corporate taxes. But investors are also buoyed by the pace of deregulation. Call it the biggest tax cut of all.